Working in the legal sector is attractive not only due to the diverse character of the work that is undertaken, but also due to the level of compensation that comes with the job.
Trainees working at the Magic Circle law firms (Allen & Overy, Freshfields Bruckhaus Deringer, Linklaters, Clifford Chance and Slaughter and May) earn £50,000 in their first year and £55,000 in their second. USA-based law firms offer even higher salaries, with Kirkland and Ellis trainees receiving £60,000 in their first year, which rises to £65,000 in the second and those at Shearman and Sterling earning £55,000 and £60,000.
Smaller high-street firms and law firms outside of London pay significantly less, with salaries ranging from £20,000 to £40,000.
Solicitors usually earn double the amount they used to receive during their training contract. Magic Circle law firms offer a yearly salary between £115,000 to £125,000. USA-based law firms once again top the charts with Latham & Watkins and Kirkland & Ellis newly qualified solicitors earning £172,000/year. City law firms pay their newly qualified associates between £80,000 and £105,000.
Once again, if you want to work outside of London or at a regional law firm, salaries are a little lower, as NQs earn between £28,000 and £61,000.
